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Economics Unit 4

TermDefinition
Creditors- persons or institutions to whom money is owed
Collateral- something of value that a borrower lets the lender claim if a loan is not repaid
Premiums- monthly, quarterly, semiannual, or annual price paid for an insurance policy
Deductible- an amount you pay before the insurance company pays
Co-pay- a small payment
Federal Deposit Insurance Corporation (FDIC)- the U.S. government institution that provides deposit insurance on the depositor’s account
Financial Institutions- group that channels savings to investors; includes banks, insurance companies, savings and loan associations, credit unions
Interest Rates- a percentage a bank will pay to depositors or charge to borrowers
Bank Statement- an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution
Reconcile- the process of ensuring that two sets of records are in agreement
Free application for federal student aid (FAFSA)- is the application for grants, loans, and work-study funds from the federal government, as well as certain state, institution-based, and private financial aid
Defaulted- fail to fulfill an obligation
Student loan- a type of loan designed to help students pay for post-secondary education and the associated fees
Scholarships- a grant or payment made to support a student's education, awarded on the basis of academic or other achievement
Grants- a sum of money given by a government or other organization for a particular purpose
Portfolio Diversification- strategy of holding different investments to protect against risk
Mutual Funds- company that sells stock in itself and uses the proceeds to buy stocks and bonds issued by other companies
Bond Maturity- life of a bond or length of time funds are borrowed
Individual retirement accounts (IRA)- retirement account in the form of a long-term time deposit, with annual contributions not taxed until withdrawn during retirement
Gross Income- The total of earned and unearned income.
Tax deduction- the amount subtracted from your Gross Income to arrive at a taxable income
Tax exemption- the right to exclude all or some income from taxation by federal or states governments
Tax credit- an amount subtracted directly from the amount of taxes owed
Created by: perryherbst
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